The Securities and Exchange Commission (SEC) submitted a joint provision on Thursday with the accused Binance Holdings Limited, Bam Trading Services Inc., Bam Management Us Holdings Inc. and Changpeng Zhao to reject, with prejudice, the continued action of the committee’s political enforcement against them.
In the exercise of its discretion and as a political issue, the Commission found that the dismissal of this action is appropriate. In addition, as stated in the common aspect, “the committee’s decision to seek to dismiss this dispute does not necessarily reflect the position of the Commission in any other difference or procedure”.
The Securities and Exchange Commission brought 13 charges against Binance and the founder Changpeng Zhao in June 2023.
The committee claimed that while Zhao and Binance publicly claimed that US customers were limited by the transaction to binance.com, Zhao and Binance, in fact, reported their own checks to secretly allow US customers to continue to negotiate on the binance.com platform. In addition, the Securities and Exchange Commission claimed that while Zhao and Binance publicly claimed that binance.us was created as a separate, independent trading platform for US investors, Zhao and Binance secretly said the functions of the binance.us platform.